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Magic Leap nets $500 million and unveils second-generation AR headset

The AR company said its new headset will be the "the smallest and lightest" built for enterprise.

Chris Kerr, News Editor

October 12, 2021

1 Min Read

Magic Leap has secured $500 million in funding and announced the rollout of a new headset called the Magic Leap 2.

The augmented reality company secured the investment at a post-money valuation of $2 billion, and said the new capital will help it deliver "best-in-class AR solutions" including the launch of the Magic Leap 2 in 2022.

Magic Leap claimed its second-generation headset will be "the smallest and lightest device built for enterprise," and touted additional features like dimming and increased field of view.

The Magic Leap 2 has been specifically designed to increase business adoption of AR, and is already being used by select clients as part of an early access program.

Commenting on the investment, Magic Leap chief exec Peggy Johnson said the deal is an "important step in advancing Magic Leap's mission to transform the way we work."

"Since joining Magic Leap in 2020, my focus has been on accelerating the company’s shift to the enterprise market, strengthening our technological foundation, and building a robust business across sectors ranging from healthcare and manufacturing to defense and the public sector," they added.

"With ongoing support from our existing investors, Magic Leap will have greater financial flexibility and the resources needed to continue our growth trajectory as we expand on our industry-leading AR technology."

The news comes around 18 months after Magic Leap reportedly made a number of layoffs to "adapt to new market realities." It then secured a $350 million investment in May 2020, allowing it to withdraw the conditional layoff notices sent to some employees and stabilize operations with an eye on the future.

About the Author(s)

Chris Kerr

News Editor, GameDeveloper.com

Game Developer news editor Chris Kerr is an award-winning journalist and reporter with over a decade of experience in the game industry. His byline has appeared in notable print and digital publications including Edge, Stuff, Wireframe, International Business Times, and PocketGamer.biz. Throughout his career, Chris has covered major industry events including GDC, PAX Australia, Gamescom, Paris Games Week, and Develop Brighton. He has featured on the judging panel at The Develop Star Awards on multiple occasions and appeared on BBC Radio 5 Live to discuss breaking news.

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